Simple money skills to master amid the pandemic

Simple money skills to master amid the pandemic

Keeping our finances in order is a must whether we are single or have a family to support. This may be a difficult task, most especially if you do not know where to begin. Too often, we find ourselves living from paycheck to paycheck, with scarcely anything left for a rainy day. This is due to bad money habits which make us ill-prepared for unforeseen crises like illness or sudden loss of employment.

Let today be the day that you take control of your finances. This simple guide will help you practice smart money habits:

Managing our personal finances is a key to financial wellness as a nation. The Department of Finance as the caretaker of the country’s financial resources, advocates that citizens be financially responsible to contribute to the growth of our economy. It supports financial education as well as the use of technology to expand financial literacy across all sectors.

The DOF also supports the passage of Package 4 of the Comprehensive Tax Reform Program, which aims to make investing in legitimate opportunities easier and simpler. The Duterte administration's proposed Passive Income and Financial Intermediaries Taxation Act (PIFITA) will simplify the tax regime for bonds and stocks by reducing the number of tax rates on financial transactions from 80 to 36. Once enacted, PIFITA will make it easier for everyday Filipino investors to put their money in safe and secure investment opportunities.

A finance guru once said that what is important is not how much money one makes, but how much money he or she saves, and how much it grows for the generations that will follow. Indeed, no matter how much we earn, we can learn to make it work to fulfill our needs and safeguard our future.

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